AMC Theatres stock soars 80% on vaccine news
Shares for AMC and Cinemark Theatres surged Monday morning after Pfizer revealed a vaccine breakthrough.
AMC’s stock spiked a whopping 80% in premarket trading following an announcement of early data from drugmaker Pfizer that its coronavirus vaccine is more than 90% effective, which is far better than expected.
Cinemark also got a major boost, with its stock rising more than 40% before the opening bell.
Since shutting their doors in March, theater chains like AMC and Cinemark have tried to reopen with safety measures to help curb the virus’s spread. Yet the industry has struggled to bring audiences back to theaters.
Monday’s vaccine news offered hope for the beleaguered industry, but it’s not yet clear that audiences would return to the movies even if a vaccine is effective.
Shares of Disney, Hollywood’s biggest studio, also rose sharply in premarket trading — up 10%. The media company’s blockbusters have been delayed and its parks have been closed for months.
